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Dollar to reflect US economic data, Central Bank minutes, inflation in Brazil, and the Middle East
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India Center Drives StoneX Ambition to 5X Growth by 2029
By: Gustian Farrow, Head of StoneX TV • Content Channels
India Center Drives StoneX Ambition to 5X Growth by 2029
StoneX COO Stuart Davison joins business leaders in Bangalore to outline how India’s teams and the proprietary X-Pay platform underpin the group’s next growth phase.
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Key Takeaways
- StoneX India’s Global Capability Center provides round-the-clock tech, ops and compliance coverage for global desks
- The X-Pay payments engine, built in two years, targets up to 100k transactions a day
- StoneX eyes 5X growth and $10 bn revenue by 2029, with India central to execution
India’s Expanding Strategic Role
StoneX has moved from a cost-efficiency mindset to a value-creation model in India. “India gives us capacity. It gives us a different perspective,” notes Davison. Teams now span technology, AML, settlements and legal, working a 21-hour day across time zones.
Building the X-Pay Payments Engine
Dissatisfied with vendor limits, StoneX developed and launched X-Pay, its proprietary payments tech stack. “X-Pay was delivered in two years and was only four weeks late”, shares Thiago Vieira, Global Head of StoneX Payments. It replaced a legacy system and lifted capacity from 7k to a potential 100k payments daily. Forty percent of the development team came straight out of college.
Culture, Collaboration and Career Paths
Innovation is fostered by cross-functional proximity. “It’s a culture where people can put their hand up and have an idea” adds Davison. Open-plan offices, brown-bag sessions and global rotations forge a growth mindset; early-career hires already own core modules of X-Pay.
The Road to 5X Growth and $10 B Revenue
Group targets like “5X in five years” and becoming “a $10 billion enterprise by 2029”, hinge on India. Brand awareness campaigns aim to attract more high achievers, while StoneX readies its first domestic commercial venture to serve India’s vast client base. Delivery discipline, leaders stress, is non-negotiable: Delivery is key above all, notes Davison.
Conclusion
India’s capability centers have matured from a cost-efficient support hub into a strategic springboard for StoneX’s next chapter of growth. The X-Pay payments platform proves that empowered, cross-functional teams in India can deliver complex, revenue-critical technology on aggressive timelines.
--- Written by Gus Farrow
--- Expert: Stuart Davison, StoneX Operating Officer
--- Expert: Thiago Vieira, Global Head of StoneX Payments
--- Expert: Manu Dhir, StoneX India General Manager
--- Expert: Pooja Malhotra, StoneX India Head of HR
--- Expert: Neel Radia, StoneX Global Payments Dev Lead
- Currencies
The subsidiaries of StoneX Group Inc. provide financial products and services, including, but not limited to, physical commodities, securities, clearing, global payments, risk management, asset management, foreign exchange, and exchange-traded and over-the-counter derivatives. These financial products and services are offered in accordance with the applicable laws in the jurisdictions in which they are provided and are subject to specific terms, conditions, and restrictions contained in the terms of business applicable to each such offering. Not all products and services are available in all countries. The products and services offered by the StoneX Group of companies involve risk of loss and may not be suitable for all investors. Full Disclaimer. This content is not intended for residents of any particular country, and the information herein is not advice nor a recommendation to trade nor does it constitute an offer or solicitation to buy or sell any financial product or service, by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Please refer to the Regulatory Disclosure section for entity-specific disclosures. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The information herein is provided for informational purposes only. This information is provided on an ‘as-is’ basis and may contain statements and opinions of the StoneX Group of companies as well as excerpts and/or information from public sources and third parties and no warranty, whether express or implied, is given as to its completeness or accuracy. Each company within the StoneX Group of companies (on its own behalf and on behalf of its directors, employees and agents) disclaims any and all liability as well as any third-party claim that may arise from the accuracy and/or completeness of the information detailed herein, as well as the use of or reliance on this information by the recipient, any member of its group or any third party.
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